The Relative Strength Index (RSI) indicator on the 4-hour chart stays below 50 and GBP/USD failed to reclaim the 50-period Simple Moving Average (SMA) despite the earlier rebound, reflecting buyers' hesitancy.
GBP/USD faces a key support level at 1.3270 (Fibonacci 23.6% retracement of the latest uptrend, 100-period SMA) before 1.3200 (static level) and 1.3165 (Fibonacci 38.2% retracement). Looking north, resistances could be seen at 1.3330 (50-period SMA), 1.3400 (round level, static level), 1.3440 (static level)
The tepid rebound in the Greenback now motivates GBP/USD to surrender part of its earlier advance and receded to the area below the key support at 1.3300 the figure in the latter part of Friday’s session.
GBP/USD faces a key support level at 1.3270 (Fibonacci 23.6% retracement of the latest uptrend, 100-period SMA) before 1.3200 (static level) and 1.3165 (Fibonacci 38.2% retracement). Looking north, resistances could be seen at 1.3330 (50-period SMA), 1.3400 (round level, static level), 1.3440 (static level)
The tepid rebound in the Greenback now motivates GBP/USD to surrender part of its earlier advance and receded to the area below the key support at 1.3300 the figure in the latter part of Friday’s session.
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